Seasonality in NASDAQ Dealer Spreads
研究纳斯达克柜台交易普通股做市商比例价差的季节性规律，发现价差在日历下半年较大，12月达到峰值，年末最后交易日价差降幅最大。
This paper examines the seasonal behavior of proportional dealer spreads for OTC NAS? DAQ common stocks. Results indicate there is seasonality in dealer spreads. Spreads tend to be larger in the second half of the calendar year, peaking in December. At the turn-ofthe-year, spreads tend to peak in mid- to late December and then recede during January. The last trading day in December produces the largest daily decline in spreads during the turn-of-the-year period.